U.S. Markets closed

News Summary: Corn prices plunge on new forecast

The Associated Press

CORN BOUNTY: Corn prices plunged 3.3 percent after the government predicted record corn production this year. The forecast also was raised for stockpiles on hand by the end of August. It's early in the growing season so many factors could affect the crop before harvest such as a hot, dry summer.

COTTON BLUES: Cotton plummeted 4.7 percent after the agriculture agency predicted record world stockpiles of 73.75 million bales by the end of August 2013.

GAINS, LOSSES: Prices for wheat, soybeans, gold and oil rose. Silver, platinum and gasoline futures fell.